• Top Stock Brokers in India ‐ Reviews, Comparison and Offers

Top 10 Stock Brokers in India 2020 , Best Stock Brokers in India

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Any transaction in the share market, be it buy or sell, requires a broker’s intervention who works as an agent between market and market participants. Security and Exchange Board of India popularly known SEBI is the agency who regulate Stock brokers and they need to register themselves with SEBI. There are lot of Share brokers who have Pan India Presence and they offer varied range of plan and product to place them in top 10 stock brokers in India.

These brokers are broadly divided in 2 segments, One "Full Service brokers or Traditional Brokers" and second one is "Discount brokers".

Full Service Brokers: Traditional “full-service” brokers do more than just facilitate the buying and selling of a stock or bond. These brokers tend to offer a wide array of services and products, including financial and retirement planning, advisory and trading facilities in stocks, commodities, and currencies, investing and tax advice and regular portfolio updates. Full-service brokers generally have lot of offices and branches across the country, where clients can visit in case of any help required.

Discount Brokers: These brokers came into existence as a result of an increased preference for the Internet. A discount or online brokerage could be a better choice for the Investors who are fee-conscious and prefers to go it alone without expert advice. These brokerages will generally not offer investment advice. With a discount brokerage, you can either execute a trade online automatically through a computerized trading system or call in your order with a broker over the phone—although the latter option will likely cost you more.

Comparison between Full-Service Brokers v/s Discount Brokers:

Factors Full-Service Brokers Discount Brokers


Advisory for shares, mutual funds, bonds, currencies, commodities etc

Provides trading platform


Average daily brokerage is 0.3%-0.5% per trade

Charge as low as Rs 10/trade, irrespective of the order value


Operates through a number of branches

Normally do not have much branches and provide online services

Suitable For

An investor and Trader who is new to the stock market and seek hand-holding along with trading tools.

An Investor/Trader who is well versed with Stock market and can carry out own research

Deciding Parameters

a) Brokerage & Other Charges
b) Research Desk
c) Customer Service
d) Leverages Funding

a) Brokerage
b) Cost of Transaction
c) Customer Support
d) Call & Trade Facility

Top 10 Share brokers in India 2020.

Rank Share Broker Active Clients 2020 Active Clients 2019 % Growth
1 ZERODHA 1414376 979241 44.4%
2 ICICI Direct 1075956 878884 22.4%
3 HDFC SECURITIES 720150 650114 10.8%
4 Upstox 619305 186456 232.1%
5 ANGEL BROKING 576414 426716 35.1%
6 KOTAK SECURITIES 571806 443461 28.9%
7 SHAREKHAN 549778 504796 8.9%
8 5PAISA 434036 147499 194.3%
9 MOTILAL OSWAL 377123 326011 15.7%
10 AXIS Direct 270462 389512 -30.6%